Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared to the 25 basis point reduction for the benchmark funds rate.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Stocks traded lower on Wednesday as traders digested the Federal Reserve's latest decision on U.S. monetary policy.US Marketsread more
This is a comparison of Wednesday's FOMC statement with the one issued on July 31 after the Fed's previous policymaking meeting.The Fedread more
Ahead of the Fed's 2 p.m. announcement, many economists were forecasting one further cut in 2019, but some investors were hoping for two more this year.The Fedread more
The Fed has become increasingly divided with three officials voting against the Fed's quarter point cut to the fed funds target rate range.Market Insiderread more
For consumers, lower rates do mean cheaper loans, which can impact your mortgage, home equity loan, credit card, student loan tab and car payment. n the flip side, you'll earn...Personal Financeread more
Gold edged lower on Wednesday but held about the key $1,500 per ounce level after the U.S. Federal Reserve decided to cut interest rates.Futures & Commoditiesread more
As the Federal Reserve lowers rates, some banks are pulling back their offerings on their savings accounts and certificates of deposit. Even so, they are still pretty good by...Personal Financeread more
Shares of Endo International surged nearly 22 percent Tuesday after the company posted second-quarter earnings that exceeded analysts' expectations and appointed a new manager.
The global specialty health-care company reported Monday adjusted earnings of 86 cents a share, beating analysts estimates by 12 cents a share. The company posted $921 million in revenue, topping analysts estimates of $863.9 million, according to Thomson Reuters.
Sales in the latest period were boosted by the acquisition of Par Pharmaceutical.
The company also appointed Joseph Ciaffoni as president of its U.S. Branded Pharmaceuticals business unit. Before joining Endo, Ciaffoni was senior vice president of Global Specialty Medicines Group for Biogen, where he led development and execution of global strategy for its products.
Rajiv De Silva, President and CEO of Endo, said in a press release during the quarter the company remained focused on its "operational execution."
"We have delivered results across all of our businesses that are on-track or ahead of company expectations for the quarter," he said, "and today we are affirming our full year 2016 revenue and adjusted diluted EPS financial guidance while increasing investment in Branded and Generics [research and development] as well as Belbuca and Xiaflex promotion."
Belbuca, the company's opioid drug for management of chronic pain, launched during the quarter. It is the first drug approved by the U.S. Food and Drug Administration that uses a dissolving film to dispense the drug, Endo said. Patients in the company's trials appeared to have fewer side effects than other pain management regimes.
The company said it also saw sales growth for its drug Xiaflex, a drug used to treat adults with Dupuytren's contracture, which causes a thickening and tightening of tissue under the skin in the hand.
The company expects full-year earnings between $4.50 and $4.80 per share, and revenue between $3.87 billion to $4.03 billion. Analysts expect full-year earnings of $4.55 per share and revenue of $3.93 billion, according to Thomson Reuters.
Endo's stock has plummeted this year, falling nearly 64 percent.
ENDP 2016 Stock